26 March 2019 – final results
Recommended as a trading buy last issue at 64.6p, the shares have moved up following the announcement of results for the year to 31 December which were much as we expected. Revenues on a see-through basis rose 22% to £124m and overseas sales exceeded those in the UK for the first time. Underlying pre-tax profits rose by 17% to £28.1m (2017: £23.9m) and adjusted earnings per share were 12% higher at 4.54p (2017: 4.05p). The dividend was raised 10% to 0.977p (2017: 0.888p) and net debt at the year end was £85.8m (2017: £72.3m). The current year has started well and the shares remain a BUY.